EX-3
from SCHEDULE 13D/A
2 pages
December 17, 2025 Mr. Joseph S. Dimartino, Chairman of the Board Bny Mellon Municipal Bond Infrastructure Fund BNY Mellon Strategic Municipal Bond Fund Bny Mellon Strategic Municipals 240 Greenwich Street, 18th Floor, New York, New York 10286 Dear Chairman Dimartino, I Hope This Message Finds You Well. We Are Reaching Out on Behalf of Saba Capital - And, in Our View, All Shareholders - To Express Serious Concerns Regarding the Long-Term Viability of the Following Funds (Collectively, the "Funds"): • Bny Mellon Municipal Bond Infrastructure Fund (Dmb) • BNY Mellon Strategic Municipal Bond Fund (DSM) • Bny Mellon Strategic Municipals (Leo) as You Know, Saba Holds Significant Positions in Each Fund: 7.3% of Dmb, 10.3% of DSM, and 9.8% of Leo. With Stakes of This Size, We Believe We Have a Responsibility to Advocate for Changes That Will Benefit All Shareholders by Using Our Platform to Amplify Their Concerns to You. for Months, It Has Been Evident to US That the Funds' Shareholders Are Dissatisfied With the Current Status Quo - And the Recent Shareholders Votes Only Further Underscored This: • at Dsm's Most Recent Meeting, the Proposal to Convert the Fund to an Open-End Structure Nearly Passed, With More Than 45% of Shares Cast in Favor. • at Dmb's Meeting Shortly Thereafter, the Proposal to Declassify the Board Passed With Minimal Opposition. Despite the Votes Cast for These Proposals, Shareholders in Each of the Funds Remain Trapped Because the Funds Persistently Trade at Steep Discounts to Nav. in Fact, Over the Past Year, All Three Funds Have Traded at Average Discounts of Around -10%. Beyond That, the Funds' Expense Ratios - Which Range From 0.97% to 1.68% - Are Also Materially Higher Than Similar Open-Ended Municipal Bond Funds Offered by Bny Mellon. as a Comparison, the Bny Mellon's Amt-Free Municipal Bond Fund (Dmuax) Charges 0.70%
12/34/56
